Open—16654--High—16712.45—Low—16629.80---Close-16634.65 on 25.8.2021.
Support:16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16677/16688/16701.85/17415/17504/19575/20390.
(Bold and underlined
figures are most important)
It continued the up move and hit a
new all-time high of 16712.24 today but
could not sustain at the higher level and closed with a meager gain of 10.05
points. Please note that it could move up further from here provided it holds
the following points 16633---16582.65---16508---16429.50---16358(figures
may change) break below 16633
can push it into very short term correction mode, sustained break below 16582.70
will weaken it further and break below 16429.50 will push it into deep short term
correction mode and sustained break below 16349(figure will change every day) on the
closing basis may drag it down fast and may put the on-going up move in
potential danger which may please be noted. Moving up the critical resistance
points will be at 16701.85---16712.45---16821---16912---16980(last three
figures will change every day). It seems tough to cross this range as of
now, however if it moves above 16980 and sustain on the closing basis then very
strong up momentum may begin.
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. The short term technical outlook is also good as of now,
therefore further rise may be ahead in coming days with intermittent
corrections provided it holds 16633 and
16358(it can change) on the downside
on the closing basis. The bias is positive as of now.
In view of the above observation, long
trade can be tried if it holds 16633 for
some time or buy on decline near 16582
but not below it for safe traders. However, aggressive traders can also try
long trade on decline at appropriate points or near 16450 and then near 16360
but not below it. Since it is still below some of its critical long term
averages, therefore short trade can also be tried after reasonable rise
or can be tried on the price breakdown for taking advantage of the intraday
gains.
NOTE: - If it opens up with huge gap
up then wait for it to settle down before initiating long position, but short
trade can be attempted on huge gap up if it is near the selling point and vice
versa . Since, it is showing volatility so any type of trade should be squared
off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested
in any case.
TRADING STRATEGY (Suggested)
1. Buy if it holds 16633 for some time with a stop loss of 16570.
It is for both the traders.
Or
Buy on decline near 16582 levels but not below it with a stop
loss of 16540. It is for both the traders.
Or
Buy on decline at appropriate points or near 16450 but not below
it with a stop loss of 16350. It is for the aggressive traders. It could be a highly
risky trade.
2. Sell on the rise near or
within the range of 16700---16725 with a stop loss of 16755. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below
16582 and maintain for some with a stop loss of 16645. It could be a highly
risky trade but worth trying for intraday gain.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make
your cost your stop loss in favorable trade
and then trail it as the price move up/down to gain maximum profit and avoid
losses. Use support and resistance levels as entry, exit, target and trailing
stop loss points. DO NOT TRADE
WITHOUT STOP LOSS.
Note: Price stated here are of spot market.
Contact me for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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